EXPONENTIAL-GROWTH BIAS AND LIFECYCLE CONSUMPTION
研究发现美国代表性人群中约三分之一存在指数增长偏差，即忽视复利增长，这种偏差与资产积累负相关，且简单的图形干预无法纠正。
Exponential-growth bias (EGB) is the tendency for individuals to partially neglect compounding of exponential growth. We develop a model wherein biased agents misperceive the intertemporal budget constraint, and derive conditions for overconsumption and dynamic inconsistency. We construct an incentivized measure of EGB in a US-representative population and find substantial bias, with approximately one third of subjects estimated as the fully biased type. The magnitude of the bias is negatively associated with asset accumulation, and does not respond to a simple graphical intervention.